Thankyou Benstevo for the written copy , i was still unable to open the zip file so just read through the written copy.
Thankyou Tony ( OLD DOG)for your kind words,I read one of your posts in the 5 min thread about self confidence as well and that how we can preach to others but how hard it is to actually practice dicipline.
That for me has been a challenge as well. And BAggles you are right i am very cautious and conservative right now in my trading. I have made the mistake of making a lot of pips on a good trade and losing them by foolish mistakes.
Which also brings me to one very important mistake i was making which Phillip has mentioned in his latest Wrapup and that was
"Lets Try and see where this goes."
I might as well burn the money in my account myself before doing this ever again. It is one of those games one lets their mind play with them. and before you know it the trade goes bad and you sit there thinking what was i thinking, ....sometimes it is good to take a break from trading if you are having too many negative trades study again and come back with a fresh mind. There was a very iimportant point made recently about how one develops their own style within a strategy . That is very true. You cannot think hmm what would phillip do in this situation or Palmer or Ira or Ryan. or any other member of this FOrum because they are all very very different traders, One can learn from their actions and expeirnce but cannot try to copy it. I have made the mistake of thinking this and that is why i am sharing it.
The fisrt step is to learn this strategy inside out
2nd Step is to develop your own style , your own boundaries , Your own plan. If taking 20 pips in a trade takes you one step closer to becoming a better trader then take it and walk away. Once those 20 pips are consistantly flowing in you can think of the next step. Try running up a staircase skipping 3-4 steps a time and one can easily fall on their face. ( ok i am getting dramatic here but seriously imagine and u will get the picture)One thing that Palmer always reinforces is that
"you will never go broke by taking a profit"
Also Always remember to review your trade EVERY SINGLE TIME...
It is amazing how things keep coming back to the BASICS ...
Hope some one can relate to all this and take something positive from it. Happy Trading everyone.
Nadia.
I know this is not per the 4hr method (talking about the 5min entry) but if you can couple both the 5min and 4hr together, especially when the 4hr is at a particular area, there can be more opportunities for entries here. But, you have to think, "Am I trading on the 4hr or the 5min?" If entering for a 4hr trade you know what your stop should be (wider) on the 5min (shorter). I do this because my lot size is larger on the 5min; I am only looking for 5 on the first lot and no worse than b/e on the second.
